TCPC - Earnings call transcript Q3 2017 | BlackRock TCP Capital Corp.

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Operator

Good day, ladies and gentlemen, and welcome to the TCP Capital Corporation’s Third Quarter 2017 Financial Results. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions] I would now like to introduce your host for today’s conference, Jessica Ekeberg.

You may begin.

Jessica Ekeberg

you. Thank

time I forward-looking note estimates future statements of at begin, call this and performance. like and management contain statements may based the would we guarantees that to conference assumptions are Before not such of of on the

those issued call subject Forward-looking from we are This earnings of and and are made change the ended differ risks statements without third morning, forward-looking involves September and actual as Any statements could release for XX, made to notice. results our uncertainties materially projected. on this quarter today XXXX.

posted earnings and today’s select CEO, turn Presentations. I we a will We Chairman Investor please our the also which view Events & call on to the supplemental and call, website To at link now tcpcapital.com. our refer presentation Howard will click to to slide over the Levkowitz. on presentation Relations

Howard Levkowitz

investment Thanks, call with Jessica. to performance our for like with take CFO, market will then results. will third our our financial everyone participating team, on questions. I Paul Paul’s I some would we quarter today. and and our TCPC comments, and and review After the I’m overview will we Davis of here on will our thank provide then, your an activities begin perspective

million. review in $XXX and the loans beginning we in were from resulting million We up the $XXX XX%, to of $XX will for delivered percentage debt in totaling quarter, deployments floating another our at rate portfolio XX% quarter of net of highlights. we our third quarter our originations increased First, portfolio year. Dispositions approximately the million, third strong quarter the of of the

out-earning of $X.XX by earned income per of our per dividend share. And quarter declared a X, net As share. $.XX shown per Slide we we today, dividend on fourth $X.XX investment share,

generated we As return value you IPO. a since our on on have Slide a XX% see basis, can over total X, market of

plus $XX.XX NAV you In since NAV cumulative X, ending despite in return XX. quarter see appreciation have the that IPO, can August, five-year a dividends to maturity over rates XX% in our generated decrease our for an to Turning September incremental the of Slide slight week, same $XXX we with Last we of issued unsecured million notes $XX interest an million. total issued million terms senior $XXX a on of and issuance a X.XXX%.

For those and fair numerous industries. continued the a third turn to In quarter-end, Slide our At our viewing in $X.X of portfolio. presentation, please was quarter, across value companies X. we diversify our billion portfolio XX invested to had market

of positions together position portfolio largest XX.X% represented of five taken X% the our and largest portfolio. only Our represented only the

to see their benefiting assets continues as of can were our vast floating X, we Most assets LIBOR you and To above we are XX% hold the already the rates the instruments future rate. from extent our at floors. them rate of that As majority higher interest of quarter-end, debt floating rate secured senior reset. Slide were anticipate interest in on increase, quarters

were senior during in $XXX existing which and include new companies loans. investments, quarter, secured of million to deployed the capital, Slide most nine primarily X, Turning companies. These XX in third investments of portfolio we seven

the in important opportunities strong an deliver be investment and investments companies value Our reflect relationships of continue them. portfolio source borrower existing our to and to we

and million million a our and secured loan one generic capital a testing secured senior top $XX million senior Applause, a senior management. secured $XX third structure. sales senior a respiratory loan a world; company; of cloud-based the lending a the to for the loan quality secured mobile independent platform commitment the management performance assurance business include: loan to to quarter to secured reinforce Nephron, a largest $XX a a enterprise They Our investments of – $XX the in in five follow-on senior e-commerce loan portfolio medications; million loan ECi, top maintaining ad manufacturer InMobi, Xactly, at the to a networks diversified platform; of $XX million and

in industries, senior quarter the $XX of including $XXX from span investments and the NEP. varieties of investment repayments retail. These $XX to investments In Capital, third advertising the other our loan ABG, $XX Street a insurance, dispositions million portfolio from debt million. included a third Our in million and comprised of quarter, million XX in secured

average and weighted weighted exited a XX.X%, the investments we of the effective a effective yield investments XX.X%. quarter had quarter in New had during a the average of yield

XX%. yield was at portfolio quarter-end effective overall a Our

pricing able on yields competitive to generate environment, be such Given pleased we’re to our investments. strong continue to very the consistently

turn I financial will results. call Paul? third discuss over will quarter Paul, who our Now the to

Paul Davis

million. the unamortized discount was recurring per prepayment $X.XX, interest of $X.XX, both fees and fee our amortization out-earned Thanks, remaining and have continues Starting compensation IPO, income Slide IPO. was $X.XX in net $X.XX by $X.XX quarter covering from prepayment a income, quarter our $XX.X including was incentive cash Howard, everyone. investment our morning, income cumulative Interest since dividend per and X.X-year of PIK we comprised came share. This recurring income Investment share, the which our our per $X.XX and XX, per share, $X.XX dividend was recurring share or $X.XX $X.XX. OID. Since for every was good per The share. after dividends record above of income

We income. also per earned a share $X.XXX other from

interest Incentive recognition share of total our Mex $X.XX our economics the million losses of XX% of investment investment net comprised warrants life share Our of expiration share which it rather per net investment of realized connection amortizing upfront expenses and of $X.XX X%. compensation. with $X.XX generating side $X per income compensation is follows all after all-in and $X.XX made. primarily income, policy full in per incentive repaid over Net a before warrants, $X.X marked was debt to of loans income. included right million, time income $X.X markdowns we at generally continued as other were or and return Real investment income exceed in of share, Realized of hurdle share were at received million our of significant the an the performance rate Operating We for $X.XX at approximately conservative the losses recognizing per than of Kawa. Edmentum, per included $X.X our million of on approximately on were and unrealized or company discount to these interest funded of that a previously which each zero. cumulative

at remains loans at only non-accrual quarter-end, were of Our with credit quality which strong marked zero. two both

working turnaround Real not situations at recovery to prior from Mex, in loan are the we’ve small we we legacy before had Real special to marked $X.XX in a our quarter. expecting The on While Mex are been IPO, investment loan past. the which Essex our Ocean, hard discussed

equivalents XX, and Turning of closed leverage cash million cash net trades. SBIC remaining from leverage is our and quarter-end, leverage leverage quarter $XXX and less $XXX settlements available at $XX.X Regulatory Slide common outstanding to SBA. Available net X.XX both cash million available the the gross with commitment the total $XX includes we includes million. equity, pending of million times of of million, This liquidity million. of debt and of on $XXX.X $XX.X which was net

the program plus premium at of was on weighted share the NAV, has reflects This facility during stock end we quarter. of LIBOR the outstanding repurchase rate been average shares quarter, our X.X%. At under not did to TCPC SVCP revolver X.XX%. the any interest a a trading at our Given combined our repurchase that, our funding debt and rate

our and X of X.XXX% Our blended call issuances Howard. over unsecured convertible debentures back I’ll SBA senior turn rate issued recently in X.XX%. X.XXX% rates and at at of to note now quarter, a our at a the notes

Howard Levkowitz

Paul. Thanks,

cover in the currently market. briefly will I we’re Now seeing what

many for market recognize companies strong new being whom of across demand see for wide our to time, a solutions of there market same industries. competitors continue in the that are we At lending some aggressive. We variety the middle are

these take I meet continue new would pipeline to passing while investments. many and to we are that, highly with opportunities, them help to continue that new selective point growth capital we companies, potential out like meaningful We to we disciplined look investments a our to invest And trusted risk their have also teams of of us businesses first on to as strong familiar management whom finance into as are portfolio plans. reward partners we are that profile. existing a and amounts approach and

weeks. At quarter this the we Xrd, well yield early November many we $XX XX%. in senior including in primarily effect investments transactions Third range, yield combined four in through are have million, point The secured pipeline the expect invested our approximately that close within is historical several these includes to our quarter, of coming approximately of loans.

and opportunities, way program ATM raise shareholder-friendly has Our reactivating fund lending may quarter. it to to a equity new consider been this we

built enterprise in would by competitive past, in asset a and middle strong significant believe or be manner that in TCPC to activated sustainable advantages the ATM we As platform value. have with cash has market market leveraging generate to a that established lend our flow to our substantial companies position be only shareholder-friendly. coverage our

SEC, granted provide Tennenbaum to clients affords co-invest us on opportunity exemptive Capital’s our co-investment Our a alongside borrowers other solutions TCPC the own. to which relief than larger from pursue capital more to was comprehensive its and the could over ago decade

the the strategy our to Looking remains future, same.

generating funding continued deploying and qualified optimize capital We sources success focusing priced diverse portfolio our uniquely for focus earnings reasons. several are by capital effectively on a we strong will believe We recurring continue preservation. to from while stream, on for our performance to attractively

remains to returns shareholders. to dividend First, on and focus our a managing consistent deliver portfolio well-covered our attractive our and

this disciplined staying done and a in taking our true have selective great to strong We standards quality. maintaining credit to approach by part investments, underwriting highly

know and value. we asset businesses industries competitive coverage and cash or with well, and sustainable focus on significant companies in enterprise many in invest we advantages While we understand continue flow to different and/or

and our in floating This most the of overall our enhances of which us to loans, investments cover dividend majority Second, enabling rate. profile senior portfolio each are vast consistently quarter. reduces risk performance, secured our our are

for rates increase would interest and rise portfolio basis Our any be well-positioned XX in meaningful a rates is point accretive. even in

Third, and are sources of capital advantages funding for key competitive our diverse low-cost TCPC.

revolving priced SBIC financing notes, term unsecured have of to long-term variety equity and We leverage access a debt facilities, notes. and credit including alternatives, attractively loan, and convertible

interests aligned our our with Finally, shareholders. closely are

shareholder-friendly most one the are fee conservative, Our origination structures recognition income have we industry. and the in of practices

to would pleased with operator, invest management shares purchased that, and continued alongside to for closing, we in please confidence are continue market. about the like in have shareholders to and fourth and questions. for for prospects all support. the shareholders returns open of thank the And our your growth our quarter. continued Directors delivering our We your we our call open team, In and performance the members optimistic of shareholders the We Board our frequently are with TCPC of

Operator

from [Operator Instructions] comes Fargo Wells Our first security. question Bock Jonathan with

Your line open. is

Joseph Mazzoli

Joe Mazzoli Bock. in Jonathan filling morning. Good for

a The debt are regulatory first seems X/XX. It question with times your leverage today’s strong in on to equity issuance just thoughts What X.X environment? under you equity already And have this like of through fundings of think as you quarter. private in the the additional – how ATM view just you ATM, perspective the fourth versus of how how placements? you to mentioned, gain do

Howard Levkowitz

you question. Joe, for the thank

add ATM. is long-term. be Our which secondaries think, our done the that a might in certainly nice because raise That it. And just favorable no not we and direct we shareholders time our had it’s consistent, know, our it didn’t on We’ve it in quarter in needs the that going liquidity we’re basis. a order do QX. does efficient views use capital, utilize over regular-way in variety announced cautious We longtime to it We so. in equity a of been principle might deals, of you we approaching to observers the to. use I do and need announced We things, to other to have – underlying again, the is, markets that last mean on way we remain We as capital that to ATM.

all what is things our of to our continue shareholders those continuing leverage, doing long-term, really optimize options. really to we’ll that for benefit look But look the we flow, and all of we’re trying at will here long-term. underlying the the to in deal doing and at think We’re our

Joseph Mazzoli

the continues lack just we flow debentures the That’s deal is and specific that, question pipeline growth to another historically kind nature sheet for very related in quarter-over-quarter, TCP helpful, is of that. is to the with growth of like basket. And managing not and Howard. Thank is, kind what has focus to of SBIC quality the know SBA no looked just the But course, balance on any of recently? you of

Rajneesh Vig

that take slower the a quarters, little we in generally than I’ll And Hi, has as prior Joe, it’s one. Raj. expected. some certainly, we’ve gone mentioned SBA

we sake a some year-to-date or the though looking degree looking internal the no day how the companies. source the and look is your place quarter think gotten new But compromise you doesn’t to facility not quarter-over-quarter, approach going repayments to in I the theme made, compromise current think, point growth deployed I utilize episodic. it the to of I think part even criteria make incorporate QX approach that more But we’ve are some hopefully, date, we missed occasionally, into to drawing wider deal standards we for kind market of through scenario be of that. we have see is, year will the is footprint. trends of I guess, utilization that how But we down. more to to have point, on some not have funding clear. manner. that be is. our SBIC, through opportunity will to approach what the in There And see overarching occasionally, those do hopefully, it do we you may how for a that that are the in we’ll our to – quarter underwriting. that deals think sort the funded – We changes will the that we – In do appropriate

Joseph Mazzoli

just for Thank final you very much as question a that. here. And

Kawa? to PIK. understand, the restructured The It you. a just provide like of marked senior has new you of then a on in trying the If investment more Thank provide is could way XX%, equity looks I’m it marked Conergy X%, been there? of could a looks bit or little spun update was all there at kind you it’s Kawa If kind Conergy, down, out or color but is loan brief like Solar?

Howard Levkowitz

a certainly, I’d a the And working is, on a in There restructuring of there. process early closed the and a of QX what of guess, this on moving company positions – one comment quarter you Hey, make in are part recovery. lot is over parts. the Sure. I positions. couple overarching on we that that have for – push of of our is this And statement we’re to that’s

have are You a facility are that of of we think couple debt well covered. tranches a or debt facilities

the But restructuring, the control company, some a kind new are restructure equity ownership the of kind we point the into Conergy is deal the and marked equity are market. you’re mark new bit As based update do from ahead restructure of is pieces through global Asia, a Asia, we’re a the update the take the focus a on sort out. the ongoing speaking, company highlighting basis and of majority and you is growth relatively is some deal interim we the positions, will of debt investment, partly part through It also of you it the do something there But how restructuring to result that growth I in There on that business good funding transition. several as a on the which is, a is business standalone transitional is growing because position down the that goes a the is will be there a kind there time is where periodically. or of where We we where work margin us, is and you effort, believe on results the And did that logistical position will think that believe we and better. but help close. we valuation at where – the of – success participation debt of statement covered. this basis. growth generally believe have partly debt on time better of here, that we in tranches and the at valuation think, quarterly covered a that is of better on we foster of seeing the But

Joseph Mazzoli

you update and me. taking for for very my Thank Thank that it that’s questions. you That’s helpful. providing for

Howard Levkowitz

Thank you, Joe.

Operator

the next question comes with of Dodd James. Raymond Our Robert from line

Your line is open.

Robert Dodd

congratulations Obviously, a on guys. Hi, quarter.

solid. I think it was pretty

you’ve you credit a is Mex bit on would aggressively old and more of areas asset a from such do you honest, months tiny obviously, If have to Real kind looking you any cleaned there’s industry by I recovery. a can I expect don’t on than stay have a portfolio concerns your six would areas still the quality If lot, or that a have but now, ago? maybe concerns you to away way of in say, market, where for other pretty lack you’re you term. the better get maybe of done where

Rajneesh Vig

segue with Robert, think, that. what good a talked I I’ll you. about we just it’s just And Yes. take maybe agree from I

Our is view quality credit of is that the quite portfolio good.

or challenge. the that’s we mentioned we a are the did with shy that away question nice challenged asked. the several As as the thing perhaps what of in from by – not dealing about degree And will from needed is, just long highlighted some the that there by to be we a talked that occasionally, times, experienced do businesses. takes. The it as name firm Kawa bit have and companies effort across was We discussion

positions. And so just I down work those up to occasionally, and buckle you’ll have things in come and this kind of business think, will through

done always – of more discussed. like a think just frequently, the your staying which those do we’re doing names you more just do feel doing what we is one outlook. trying it than or away type feel to some highly to portfolio question I perhaps and not we’ve directly, the mentioned Fortunately, and I lot for mistake your have in answer other And its of like deploying company, that the by shouldn’t really we meaning, be avoiding avoid sake from capital. outright cyclical forcing of structures, less predictable the funding the of in not things covenant lack forcing I we

no, marketplace. in the last The perhaps you’re are look of just things structures because we is we’ve issuer-friendly our people do things doing over like what what consistently of of saying, think six more over to more we at. broader try in just don’t the often. is I history, of syndicated and close structure, sub-XX%, terms that’s clearly what and changed a a rate We’re say, would seeing lot lot But course the now months. pushing and covenant frequently deals for that I it

I think. more just avoiding a those than ever a on outright. focus it’s situations

Robert Dodd

Okay, got it. you. Thank

– them On like entrants entrant the lending times new markets the obviously, see competitive and of this, and lot side, then competitors front, away. anything in come of held On new the excuse I hear cyclical. we go, are of entry And they me, to aggressive the about kind a obviously, sponsors that and you are up. from go maybe you’ve starting that mean,

activities origination Your have been good.

good. been activity disappear that the the credit that if markets material I going the in your to has much mean how long-term presence not you’re the get in down when you’re them point? yields markets choppy to and get fact of is put and up? hanging, yield chop credit market? How leave keeping some your that – the you Your factor is at And

Howard Levkowitz

it’s Howard. the Robert, for Thanks question.

decades and big that how may the have a firm. model multiple versus for And for may lending to years, with two advantage. difference. like can be make a know long-term around. And shy they stable not working some have some as the is certainly, we’ve longevity We’ve across or many through be people the of dealing relationships of big in idea institutions who a staffing that I going be and a new behave some somebody there, this decades near-future. over they’re around, many firm, our think doing will been they for to They’d some with does that generations borrowers, business, same entrants contacts and for people just there in think, direct been two I little

a big that do given environment. this that advantage I So smart has us in think

Robert Dodd

in ages, if one but vintages that had this since Okay, last It’s think you quarter, I way the a would declines. it if portfolio this prepayment one, $X.XX great. it fee of where loans, kind the to predict, mean, question Thanks. prepays of fee QX income out, hard loans, of of before in And mix income, but on is an obviously, maybe in view, the the see could $X.XX direction trends? prepays quarter which obviously, I go, can I as your versus asked portfolio, pretty your new if now income of prepayment cetera, a only terms I I et mean, I indication consistently. potential general prepayment is loan old say right

Rajneesh Vig

or I not into say, we of understand I’ll in I third-year, getting answer prepay of you. in where they’re number Maybe get, have loans would second terms a prepay in we’ve to seen many the Rob. we refinanced, question. for loans Yes, sort it I’m sold try our sure the is have to But terms company years that. seen how getting of reasons, fully typically what the of either

question. second – terms sort to the historical So that have of of based think basis. typically that third-year, focused of a late to element kind as both your the some I been and of we’re on happen, you second But very and your loans seen a to certainly, life we’ve a that on any it’s know vintage part loan when third-year. ties in we don’t trying exposure of prepayment exit in you’re in will, if where might prepayment the – structural it on to

Robert Dodd

Okay. I that. appreciate you. Thank

Operator

[Operator line Testa National Securities. Instructions] next comes Our question the of Christopher with from

Your line is open.

Christopher Testa

taking you my Thank questions. guys. afternoon, Hey, good for

mentioned and You originations new originations. nine did seven that company you existing the quarter for had

a give in quarter? or breakdown the those the the in Just terms you on originations could wondering for estimate dollar of basis if on a percentage rough

Rajneesh Vig

what? of I – the could of repeat you the percentage tail that, end

Christopher Testa

Oh, yes.

on a the you existing quarter? existing. new you versus kind new of breakout said nine So if me the dollar just originations I’m for wondering give seven of could and

Rajneesh Vig

Yes.

that? on we we you transactions with right don’t It’s but we you the call new, – were why – We’re– we back – here call. number the did the don’t largest if have

We’re you get but statements, to to that. The looking could be you our do with obviously to need by no financial happy at information back it. derived for

happy waiting. to to people keep want don’t We’re give but information, the you

Christopher Testa

Not that’s solutions lot a provide problem. around has you abate Obviously, somewhat. And guys that a spread of talk fair. Okay, compression. been to help differentiated the that obviously,

safer curious Just potentially you joint a some the XX%, a I’m space could on some a lower that’s yielding have and put take Is to financial given would of partner a of get to pretty company space. some you in amount easy have a good that. credits, going leverage more it. where in to reputation sure find size there any enter inclination venture, your

that? thoughts your wondering just So on

Howard Levkowitz

Yes.

offering the certainly at might so a conceivable. It very been have We’ve BDCs XX% We future. that. of robust loans, our have decide is us. north question do way energy. and Currently, that. fundings of a by recognize it’s in the rough regular of just time pipeline a just with doing of estimate to a deals. do done occupying do We to your prior looked parties our what’s had number been a in approached new were We future. And might We But that from that. number conceivable and that certainly, that’s we’ve of

Christopher Testa

close the tend Is not able unicorns way to market pricing one-stop the belief correct certainty is crucial the without when that with Okay, great. And people to that certainty this think talked at that, look disagree to of environment loan to risk and that close invaluable lollipops. have. that maintaining have something solution you that power is is and you just in provide But guys having looking guys is about I syndication of gets the a the are at you that that? constantly and

Howard Levkowitz

Oh, difference. a definitely think it I makes

have our relief had going the We platform exemptive now advantage had in back XXXX. to having of

definitely so appreciate, long to it’s basis. syndication not that’s and we’ve provide done time, on from not And business been model in the solutions a to know time. we’re business be we’ve people We But more the business. time our that able trying borrowers to for to run certainly but something to that fulsome how

Rajneesh Vig

Yes. XX%, but one versus the And just the majority clarification let range of we’ll the would fundings. number I get me in essentially, you new that it’s approximately say, exact versus on existing. – the north,

Christopher Testa

quarters origination Howard, Obviously, you guys of people had having a in past pipeline. getting growth. of is and obviously, things strong growth know terms mentioned are have crushed the it And great. of kind Okay, obviously, a are. portfolio very market you the in I skittish two and tight, where

from good adjusted that I is type of of this Just guess, generate you’re curious, what you’re seeing differentiated to a returns? lot of at able market the where rest the growth risk

Rajneesh Vig

– there are that a get agree of with earnings lot I a some Yes, I say, lot been very would of season. seeing the take would lot to a that. a trying and been lot issuer-friendly weakening there on maybe I’ll people commentary of that terms, and view we’ve we structures, try we’re of say well. to to has effort as – following of the on And earnings the

seeing and also our risk, the some I or mentioned, without we’re sort opportunity to what we’ve been is a what nontraditional channels syndication of and platform of sourcing there’s have that, all as that think, people perception really for you leveraging around relevance. because close has from or, ability be, I of think, know good so whether us long you

deployment, existing is to with and the So where in visibility versus work relationships market scenarios, particular, and that syndicated situations for people that a things a lot to lower looking participants of time as lot we’re at something the new matters. where away of you we’re go good that looking matters highlight, essence, approach even differentiating a through in in on to execution in seeing given our sector route trying And a us fair think fortunately fashion, risk a certain us new be of number stay the and robust there’s same it our when company playing we may others. people we a where can And still to of available just do I of not from. or the our say, or time the or is knowledge a is

element find them So been that that But able we we’ve hope continues an on. it’s predict fortunate close so in a timely those and fashion. just on We far, been can’t that. to deals we’ve

Christopher Testa

me, Thank it. And for last that. just the you for may. one I Got if

of you are you floating, have the XX, Given have a come debt. due you December then thereafter the XXXXs. fixed significant rate XX% amount When in converts XXXX guys obviously of and obviously,

ahead, we will expect match of funding guys the out fixed be you well? given further that rate more mix weighted as – still should the that, the looking inclined to you keep use much looking revolver kind of more ability to upsize that Just heavily do more are towards debt and or maybe guys you guys

Howard Levkowitz

Yes.

components diversified of versus have side to we floating So there other important in way sheet. One think obligations, think source. the is And it’s the few right are a a the fixed; of the is balance the source. the the we nature about one and

we As revolvers. have two you know, different

those to important. rate corporate funding We others diversity that think we may SBA bond be floating attractive issuance balance And At the have sources we two time, converts, attempt our is and of very some more recent fixed. maintaining one any of also given unsecured economically. facilities. of versus or have And

to our that I inclined extent, the to go we’re a environment, far want current in little don’t some fix too to bit comment. probably obligations Although but more with

assets XX% continue bit at We’re is go. to to where in increases. quarter rates predict certainly benefited in not this the LIBOR of trying rate structured LIBOR we from our But are point sheet with rate business and balance trying uptick to benefit floating to if debt the this in a little the

Christopher Testa

taking Great. me. Thank That’s you for all questions. my for

Howard Levkowitz

Thank questions. your you for

Operator

the from Lynch comes question next Ryan KBW. Our line of with

Your line open. is

Ryan Lynch

afternoon. Good have just question. I one

do with able how this income to have guys a offset going dividends a of large special been NOLs that have, such that increasing you You guys or mentioned spillover any have been dividend $XX since this you’ve million there out-earned about has that spillover this forward? NII? amount you has just income, I’m throughout think or wondering the XXXX, about And access inception. DTAs by been

Howard Levkowitz

Ryan. question. Great Thanks,

out-earning GAAP We since been quarter year. basis through to to every on dividend have continue increase a this the inception

probably roll-forward million that little the mean, And had you that’s million $XX out-earn. a basis, the might in at there’s to GAAP be but we inception. on I to tax So in a numbers note, we addition as different, $XX.X continue

basis. total now analyze that’s on dividend a of about continue to So our sure GAAP focus continue – right out-earn a of we $X.XX dividend. we on and and mostly to making the a spillover share the from a perspective, That dividend policy said,

Ryan Lynch

That’s Okay. Thank my question. only you.

Howard Levkowitz

you. Thank

Operator

call time. I’m the call – back no Levkowitz. at turn Howard now I showing to to questions like further over would this

line now is open, sir. Your

Howard Levkowitz

TCP questions today, talented at today’s Thanks, as you. as like professionals well concludes thank call. Thank I again, everyone’s We experienced, of team our Capital. dedicated and joining appreciate our This dialogue. would to us. for

Operator

you conference. thank for the and This in your Ladies gentlemen, today’s participating program. does conclude

You Everyone, may disconnect. now all a have wonderful day.

BlackRock TCP Capital (TCPC) 7 Nov 172017 Q3 Earnings call transcript